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© thomaspajot dreamstime.com Business | December 07, 2016

Knorr-Bremse: Acceptance level of 86.1 percent

On 5 September 2016, Knorr-Bremse AG made a public offer to the shareholders of Haldex AB.
The shares tendered at the end of the acceptance period on 5 December 2016, correspond to 86.1 percent of the share capital and voting rights in Haldex.

"We are delighted about the strong support by investors. It confirms the attractiveness of our offer and also the strategic rationale of the proposed business combination. Haldex represents a strong addition to Knorr-Bremse and a highly valued asset for our combined group. We are convinced that we will be able to create numerous advantages for all stakeholders, including employees, customers and business partners," said Klaus Deller, Chairman of the Executive Board of Knorr-Bremse. "We will continue to work with full commitment on the merger control process where we have achieved two important milestones already. Based on the open dialog with the authorities we are confident that we will obtain all necessary merger control approvals."

The completion is conditional upon, inter alia, the offer being accepted to such extent that Knorr-Bremse becomes the owner of more than 50 percent of all shares in Haldex and all necessary clearances from authorities are obtained. Thus, the minimum acceptance level condition is currently met but remains until the offer is declared unconditional.

Knorr-Bremse has already been granted a request for referral to the EU Commission and thereby entered the pre-notification phase in the European Union. In addition, Knorr-Bremse has submitted the necessary filing under the HSR Act in the United States. To achieve merger control approvals, a longer merger clearance period has proved necessary. Thus, this condition is not yet met and Knorr-Bremse will revert with more details as appropriate.

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